Bundled reinforcement can improve construction efficiency by reducing the number of connectors required. The steel-fiber reinforced polymer (FRP) composite bar (SFCB) is a novel reinforcement with high strength, moderate modulus of elasticity and good durability. Four groups of pullout tests were carried out, with parameters including the number of bars within each bundle, bonded length, and rebar type (steel bar, BFRP bar, SFCB). The failure modes of bar pullout without or after yielding, rebar fracture, and concrete splitting were observed. Compared to the single-bar specimen, the two-bar and three-bar bundled specimens resulted in approximately 30% and 40% decrease in average bond strength. The yielding slip sy of the three-bar bundled SFCB specimen is 3.8 times that of the single-bar specimen, indicating that bundled reinforcement can effectively control sy. A simplified bond strength prediction method and a bond stress-slip constitutive model based on the equivalent effective area approach are proposed. Finite element (FE) models were established and verified, and the failure modes of bar fracture are obtained by varying the bonded lengths for different bundled reinforcements, the ultimate slip of four-bar bundled BFRP bars increased by 127%. Recommendations for the development length of bundled SFCBs are proposed based on the FE results, which provide enough safety redundancy.